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Where can you find the accounting standards set by the profession’s governing bodies

Where can you find the accounting standards set...

I am a trainee accountant and I have a course assignment to assess whether an accountant’s duty of care has been breached.  I have to examine the accounting standards set by the profession’s governing bodies such as the Accounting Standards Board (ASB).  I have the accounting standards for the ICAEW, but does anyone know where I can obtain the accounting standards from the Accounting Standards Board? Are there any other accounting standards that I need to check?

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16th Mar 2012 07:18

The ICAEW doesn't have it's own accounting standards

So you probably already have those produced by the ASB

Mark

ps: Have you tried the ASB website?

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16th Mar 2012 10:11

A list of the publications on the ASB's website can be found here

 

http://www.frc.org.uk/asb/publications/

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By neileg
16th Mar 2012 13:54

I think you mean something else

The term accounting standards is used in connection with the rules and conventions that dictate how accounts are drawn up and presented. Professional bodies, with the exception of CIPFA, don't produce these. ASB does.

You may mean ethical guidelines which are the rules of conduct for members of the professional bodies dictating how they deal with their clients and other professionals. ASB has nothing to do with these. It's your reference to duty of care that makes me think that's what you mean.

You should be able to get these from the individual bodies.

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DJKL
16th Mar 2012 23:38

Professional standards for accountants
Thank you. Yes this is exactly what I mean. Where do I find the professional standards for accountants, that provides information on how they deal with their clients and third parties? Are these the same standards as those provided by the ICAEW? What if the accountants are not members of the ICAEW, what professional standards do they follow? Where can these standards be found?

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By Old Greying Accountant
johngroganjga
19th Mar 2012 23:51

That is why ...

Earmuff1 wrote:
Thank you. Yes this is exactly what I mean. Where do I find the professional standards for accountants, that provides information on how they deal with their clients and third parties? Are these the same standards as those provided by the ICAEW? What if the accountants are not members of the ICAEW, what professional standards do they follow? Where can these standards be found?

... people say you should always use a qualified accountant, as unqualifieds, although many work to very high ethical standards, have no governing body to ensure (in theory anyway) compliance. 

My personal belief is that if you need ethical guidelines to be written down, you are most likely deficient in that area anyway (that is a general comment about the world at large, not aimed at the OP or anyone else specifically before anyone takes umbrage).

 

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By neileg
19th Mar 2012 11:37

Search the sites

It took me about 90 seconds to find this on the ACCA site

http://www.accaglobal.com/en/member/professional-standards/rules-standards.html

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tom123
19th Mar 2012 22:50

Professional standards for accountants
Thank you. This what I was looking for to help me answer the questions.

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23rd Mar 2012 11:39

Duty of care standards and other resources

A very interesting challenge. Mark and others have rightly pointed you at the official ASB sources and those of some professional bodies. But some of the ethical standards are coming out of the Auditing Practices Board too, by which effectively repackages the International Standards of Auditing (ISAs).

You can get an overview of the APB's list of current publications, but also details from the International Auditing and Assurance Standards Board (IAASB) site. For some of these documents, you might end up having to pay for paper copies, but you should be able to find abstracts on the net. But there's an awful lot of very dense, not especially clear material to wade through. May I recommend a few alternative routes:

1. Visit our Financial Reporting stream, where lecturer Steve Collings has contributed lots of articles across both accounting and auditing standards (plus quality visits and related hot topics). Coincidentally his latest article covers PASE, the audit provisions available for small entities. A professional's duty of care, as I understand it, is that they keep themselves abreast of all current and relevant technical guidance, and apply it in their work. And if you would like a succinct overview of international financial reporting standards, I could also recommend Steve's Guide to IFRS eBook (£15). 

2. My next suggestion would be to type "duty of care" into the search box at the top right-hand side of this page and select "the whole site" from the pull down menu beside it (or click the link, as I've already tried the search, which comes up with around 50 results, of which more than half look like they may be useful to you); also try "duties".

3. A lot of the material suggested so far is entirely theoretical, and perhaps on the dull side. What about some concrete examples that might illustrate (or match) your scenario better?  The ICAEW's disciplinary orders and regulatory decisions page contains several years' worth of archives on accountants' wrongdoing and breaches of duty. Check a small sample of the PDFs, and use the browser or Adobe search facility to look for duties - you should be able to find several real-life examples of what the regulators are looking for within a few minutes.

Hope some of this may help with your assignment.

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